The digital asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period, from USD 5.3 billion by 2024 to USD 10.3 billion by 2029. The need for on-site support and enhancing customer experience is expected to drive the adoption of FSM solutions during the forecast period.
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By offering, the solutions segment will hold a larger market size during the forecast period.
Digital asset management (DAM) solutions are software platforms designed to centrally store, organize, manage, and distribute digital assets such as images, videos, documents, and creative files. These solutions provide organizations with efficient workflows for uploading, tagging, searching, and sharing digital assets, facilitating collaboration, and improving productivity across teams and departments. DAM platforms typically offer features such as metadata management, version control, rights management, automated workflows, and integration with other software systems. For instance, AI and ML are transforming DAM platforms by automating metadata tagging, content analysis, and search functionalities, improving efficiency and productivity. Blockchain technology is also gaining traction in DAM to address asset ownership, authenticity, and rights management issues. By leveraging blockchain, DAM platforms can provide immutable records of asset ownership and track usage rights, ensuring the integrity and provenance of digital assets.
By vertical, the media & entertainment segment holds the largest market share during the forecast period.
The growing demand for video content in the media & entertainment industry drives the adoption of DAM solutions. DAM solutions have emerged as essential tools for streamlining workflows, enhancing collaboration, and maximizing the value of digital media assets. According to a report by Cisco, by 2024, global IP video traffic will account for 82% of all IP traffic. Moreover, DAM solutions facilitate collaboration among geographically dispersed teams. With team members spread across locations, a cloud-based DAM system enables seamless sharing and collaboration on scripts, storyboards, and audiovisual assets. According to a survey conducted by Canto, a DAM software provider, 94% of respondents reported that DAM solutions had improved their team’s efficiency and productivity. Furthermore, DAM solutions assist media organizations in managing rights and royalties associated with digital assets.
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Unique Features in the Digital Asset Management Market
DAM platforms facilitate the efficient storage, organisation, and management of digital assets, including documents, creative files, videos, and photographs, by offering a centralised repository that facilitates quick access and retrieval.
Strong metadata management features are provided by DAM systems, which enable users to tag, classify, and annotate assets with descriptive metadata. This makes it easier to find and search for assets using keywords, tags, and other properties.
Version control is supported by DAM systems, which also keep an extensive revision history for assets. This allows users to trace changes, go back to earlier iterations, and work together on creating and altering assets while preserving data integrity.
Workflow automation features in DAM platforms facilitate the optimisation of asset management procedures, including ingestion, review, approval, and distribution. This leads to increased productivity, decreased manual errors, and a quicker asset time-to-market.
In order to ensure compliance with copyright laws, licencing agreements, and usage restrictions, DAM solutions incorporate rights management functions to track usage rights, licences, and permissions connected with assets.
Major Highlights of the Digital Asset Management Market
In order to give insights into asset consumption, performance, and ROI, DAM suppliers are investing in analytics and reporting capabilities. This helps businesses drive business outcomes, enhance engagement, and optimise their content strategies.
In the DAM market, there is a lot of partnership and merger and acquisition (M&A) activity. Vendors use these strategic alliances and acquisitions to broaden their product offerings, capabilities, and market reach.
Many industries, including media and entertainment, retail, manufacturing, healthcare, and financial services, are putting a lot of pressure on the DAM industry as they look to improve content management procedures and optimise workflows for digital assets.
By providing dispersed workflows, localization tools, and multilingual support for managing assets across many languages and locations, DAM solutions are meeting the demands of multinational corporations.
In order to protect data privacy, intellectual property, and regulatory compliance, DAM solutions are placing an increasing emphasis on compliance and security capabilities, such as rights management, access restrictions, encryption, and audit trails.
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Top Companies in the Digital Asset Management Market
Major vendors in this market are in North America and Europe. Adobe, OpenText, Cognizant, Aprimo, and Cloudinary are among the leading players operating in the digital asset management market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand market presence.
ADOBE
Adobe is a globally renowned digital asset management solutions provider, offering a comprehensive suite of software and services tailored for various industries, including media and entertainment, retail, manufacturing, healthcare, and more. Their innovative solutions empower organizations to efficiently manage, organize, and distribute digital assets such as images, videos, documents, and other creative content. With exclusive product lines dedicated to digital asset management, Adobe serves diverse needs through its Creative Cloud and Experience Cloud platforms, providing seamless integration with other Adobe products for a holistic digital experience. Adobe licenses its technology to hardware manufacturers, software developers, and service providers for using its products and solutions. Its marketing cloud comprises marketing services, including web experience, analytics, social media optimization, testing and targeting, and campaign management. The company delivers products through Software-as-a-Service (SaaS), managed services, term subscriptions, and pay-per-use models. It provides six marketing cloud solutions: analytics, social, advertising, targeting, web and app experience management, and cross-channel campaign management. It caters to several industry verticals, including BFSI, retail, government, travel and hospitality, healthcare, education, manufacturing, and telecommunication. Adobe has a strong geographic presence globally in over 50 countries.
MICROSOFT
OpenText is one of the leading providers of DAM solutions, operating across various business segments, including customer support, cloud services and subscriptions, license and professional and other services. With a global presence spanning America, Europe, Asia-Pacific, and the Middle East, OpenText caters to a diverse range of industry verticals. The company’s comprehensive portfolio of offerings encompasses document management, collaboration tools, information governance, and customer experience solutions tailored to meet the evolving needs of its clients. Specifically, within the DAM market, OpenText offers specialized solutions to manage, organize, and optimize digital assets efficiently. OpenText provides a comprehensive EIM platform that integrates solutions such as OpenText Media Management (OTMM) for digital asset management needs. OTMM facilitates advanced organization, integration with creative tools, digital rights management, and automated workflows. OpenText emphasizes security and compliance, which are crucial for sectors like healthcare and finance, and offers a holistic EIM approach beyond basic DAM functionalities, catering to businesses requiring comprehensive information management solutions. With a focus on media, entertainment, publishing, and retail industries, OpenText empowers businesses to effectively monetize their digital assets, driving innovation and competitive advantage in the rapidly evolving digital landscape.
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